Loan Payoff

What’s the True Cost of the Loan You Are Considering?

Keep in mind that interest rates will vary depending on the product (house, boat, car, etc.) and your credit rating.

Borrowing money can be an expensive proposition. Even at relatively low interest
rates, you may be surprised at the amount of interest you pay over the life of a
loan. This calculator is designed to help you estimate the true cost of that loan
you may be considering.

Your Results

The results below show the monthly payment amount, the interest cost, and the potential
tax savings (if the interest on your loan is tax deductible) for the loan you are
considering. It may surprise you to learn that for a long-term loan, such as a 30-year
mortgage, you could pay more in interest over the life of the loan than
you originally borrowed. For example, if you borrow $100,000 at 6% over a
30-year period, you would pay $115,838 in interest — more than the amount you
initially borrowed — bringing the total pay-back amount to $215,838.

Original loan amount:

$0.00

Term of the loan (in months):

0.00

Monthly payment:

$0.00

Total interest payments:

$0.00

Assuming the interest is tax deductible, your tax savings would be:

$0.00

This chart shows how much the balance of your loan will be over the time period
you are making payments. You’ll see that in the early years of the loan, the
principal you owe is reduced more slowly than in the later years of the loan. The
longer the loan, the more dramatic this effect is. This is because in the early
years, a greater portion of your payment goes toward interest on the balance of
the loan; as the balance of the loan is reduced, the interest accrued each month
is reduced, and more of your payment amount is credited to the loan principal.

Loan Balance Over Time

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it
may not be relied on for the purpose of avoiding any federal tax penalties. You
are encouraged to seek tax or legal advice from an independent professional advisor.
The content is derived from sources believed to be accurate. Neither the information
presented nor any opinion expressed constitutes a solicitation for the purchase
or sale of any security.

SECURITIES OFFERED THROUGH REGULUS ADVISORS, LLC. MEMBER FINRA/SIPC. INVESTMENT ADVISORY SERVICES OFFERED THROUGH IRON RIVER CAPITAL LLC, A STATE OF NEW MEXICO, ARIZONA & COLORADO REGISTERED INVESTMENT ADVISOR, DBA CONNOLLY FINANCIAL. IRON RIVER CAPITAL LLC, DBA CONNOLLY FINANCIAL IS INDEPENDENT OF REGULUS ADVISORS. INSURANCE PRODUCTS OFFERED THROUGH CONNOLLY FINANCIAL LLC A LICENSED INSURANCE AGENCY. ADVICE FROM CONNOLLY FINANCIAL SHOULD NOT BE CONSTRUED AS TAX OR LEGAL ADVICE. CONNOLLY FINANCIAL IS NOT ENGAGED IN RENDERING PROFESSIONAL LEGAL OR ACCOUNTING SERVICES. IF ASSISTANCE IS NEEDED, INDIVIDUALS ARE ADVISED TO ENGAGE THE SERVICES OF A COMPETENT LEGAL OR ACCOUNTING PROFESSIONAL.